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ERIC Number: EJ1045523
Record Type: Journal
Publication Date: 2014
Pages: 24
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-0884-9153
EISSN: N/A
Do You Know What You Owe? Students' Understanding of Their Student Loans
Andruska, Emily A.; Hogarth, Jeanne M.; Fletcher, Cynthia Needles; Forbes, Gregory R.; Wohlgemuth, Darin R.
Journal of Student Financial Aid, v44 n2 Article 3 2014
Using a data set that augments a student survey with administrative data from the Iowa State University Office of Financial Aid, the authors posed two questions: Do students know whether they have student loans? Do students know how much they owe on outstanding student loans? We used logistic and ordered logit regressions to answer these questions. Results suggest that although the majority of students are aware that they owe on student loans, many underestimate the amount they owe. One eighth of students in the current study reported no student debt when, in fact, they had a loan. Over a quarter of the students underestimated the amount they owed by less than $10,000, and nearly one tenth of students underestimated the amount that they owed by more than $10,000. This article discusses the roles that counselors, educators, and policy makers can play in improving students' understanding of their student loan debt.
National Association of Student Financial Aid Administrators. 1101 Connecticut Avenue NW Suite 1100, Washington, DC 20036. Tel: 202-785-0453; Fax: 202-785-1487; e-mail: membership@nasfaa.org; Web site: http://www.nasfaa.org
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: Iowa
Grant or Contract Numbers: N/A